N.L. launches independent review of Muskrat Falls project

ST. JOHN'S, N.L. - The Newfoundland and Labrador government has hired a consulting firm to conduct an independent review of the Muskrat Falls hydroelectric project.

See Full Article

Premier Dwight Ball says the report from Ernst and Young will focus on the project's cost, schedule and risks.

The premier says a final report is expected in March and it will not consider whether the project should be cancelled.

In September, the province learned that the project's cost had grown by almost 10 per cent to a total of $7.65 billion since June 2014.

Nalcor Energy also said at the time that the date for generating power from the project in Labrador had been delayed until 2018.

Muskrat Falls was originally supposed to start generating electricity late in 2017 and it was previously expected to cost $6.99 billion.



Advertisements

Latest Economic News

  • Marijuana company Aphria met with TSX about guidance regarding U.S. business

    Economic CBC News
    Marijuana producer Aphria Inc. says it met with the Toronto Stock Exchange last week to discuss the exchange's recent guidance that pot firms with U.S. exposure could face delisting. Aphria chief executive Vic Neufeld says the company reiterated its commitment to work collaboratively with the TSX as it continues to monitor developments in this sector. Source
  • Bombardier manager goes to jail for defrauding company to fund lavish lifestyle

    Economic CTV News
    MONTREAL -- A former manager of Bombardier Inc.'s railway division in Britain was sentenced Monday to six years in prison for defrauding the firm of about $1.15 million which he used to fund a lavish lifestyle. Source
  • Amazon says it received 238 bids for its second headquarters, HQ2

    Economic CBC News
    Amazon said Monday that it received 238 proposals from cities and regions in the United States, Canada and Mexico hoping to be the home of the company's second headquarters. At least 11 Canadian locations submitted bids, scattered across 6 provinces. Source
  • Amazon says it received 238 proposals for 2nd headquarters

    Economic CTV News
    NEW YORK -- Amazon says it received 238 proposals from cities and regions hoping to be the home of the company's second headquarters. The online retailer kicked off its hunt for a second headquarters in September, promising to bring 50,000 new jobs and spend up to $5 billion. Source
  • As Bank of Canada ponders another rate hike, survey suggests many are really feeling the last ones

    Economic CBC News
    As the Bank of Canada prepares to announce its latest decision on interest rates, a new survey suggests a growing number of Canadians think they would be in financial trouble if rates rise again. A survey released Monday by Canada's biggest insolvency firm, MNP Ltd. Source
  • HBC minority shareholder calls for special meeting to replace board of directors

    Economic CBC News
    A U.S. investment firm is calling for the removal of the current board of directors at Hudson's Bay Co., and taking particular aim at its executive chairman. Hudson's Bay Co.'s management has been under pressure for months from Land & Buildings Investment Management, which argues HBC's stock price is undervalued. Source
  • Just For Laughs mandates RBC Capital Markets to look into sale of Rozon shares

    Economic CTV News
    MONTREAL -- Just For Laughs says it has mandated RBC Capital Markets to look into the various possible options surrounding the sale of founder Gilbert Rozon's shares in the comedy festival. The organization made the announcement this morning. Source
  • Sask. Premier Brad Wall hits pause on planned corporate tax

    Economic CTV News
    REGINA -- Saskatchewan Premier Brad Wall says the government will pause a corporate tax cut outlined in the provincial budget in March. The government said in the budget that the corporate tax rate would go from 12 per cent to 11.5 per cent at the start of July, and then down another half point to 11 per cent on July 1, 2019. Source
  • Sask. Premier Brad Wall hits pause on planned corporate tax cut

    Economic CTV News
    REGINA -- Saskatchewan Premier Brad Wall says the government will pause a corporate tax cut outlined in the provincial budget in March. The government said in the budget that the corporate tax rate would go from 12 per cent to 11.5 per cent at the start of July, and then down another half point to 11 per cent on July 1, 2019. Source
  • Statistics Canada says wholesale sales gained 0.5 per cent in August

    Economic CTV News
    OTTAWA -- Statistics Canada says wholesale sales rose 0.5 per cent to $62.8 billion in August. The agency says the increase led by the personal and household goods and motor vehicle and parts subsectors. Source